The Dubai Financial Services Authority (DFSA) has announced significant growth in the first half of 2024, with a 22 percent increase in newly authorised firms compared to the same period in 2023.
The total number of regulated entities in the Dubai International Financial Centre (DIFC) has reached 837.
The wealth management sector saw a 62 percent rise in authorised entities, while the DIFC now hosts 27 out of 29 Global Systemically Important Banks (G-SIBs).
The DIFC maintains its position as the world’s largest ESG sukuk market, valued at $16.6 billion, and the second largest listed sukuk market after Dublin, with a value of $90.9 billion.
DFSA regulatory updates
The DFSA issued six consultation papers in H1 2024, covering topics such as crypto regulation, audit regime, crowdfunding, and credit funds.
The authority also took one enforcement action and issued nine public alerts about scams.
Chairman Fadel Al Ali said: “The impressive growth of the DFSA during H1 2024 is a testament to our dynamic regulatory approach and our leading role in enhancing the appeal of the DIFC and of Dubai as a key global financial hub. By actively engaging with global financial communities and contributing to discussions with international standard-setters, we are not only enhancing our domestic financial landscape but also playing a crucial role in shaping the future of global finance.
“The DFSA maintains a steadfast commitment to system integrity, rigorously eliminating any threats to market transparency and reputation. As we move into the second half of 2024, the DFSA remains dedicated to upholding market integrity, protecting investors, and fostering financial and digital innovation in the DIFC, Dubai, and the UAE.”
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